Photo Credit: Falk Lademann on Flickr

Artificial Intelligence Revolutionizing World Energy Market

Photo Credit: Falk Lademann on Flickr
MIT/Computer Science and Artificial Intelligence Laboratory, Cambridge MA. Photo Credit: Falk Lademann. Flickr.

With a rapidly increasing number of companies using some form of artificial intelligence (AI), such as big data automation, predictive/prescriptive analytics, machine learning, expert systems, neural networks, interactive voice response technologies, and avatar technologies, in their business models, artificial intelligence is forecast to disrupt all industries. With only a small percentage of businesses not yet using or not even planning to utilize artificial intelligence in any way, some opinions state that within a decade from now, managers not using AI will be replaced by those who do. (Infosys 2017; HBR 2017).

The main reasons for applying various forms of AI, as the findings of the study “Amplifying Human Potential: Towards Purposeful Artificial Intelligence” reveal, were:

  1. Automation of IT processes
  2. Automate business processes
  3. Increase innovation
  4. Improve employee knowledge and skills
  5. Increase employee productivity
  6. Improve decision-making
  7. Increase revenues
  8. Save costs
  9. Improve go-to-market time
  10. Improve customer experience

(Infosys 2017).

As Franklin Wolfe writes in How Artificial Intelligence Will Revolutionize the Energy Industry, a special edition on Harvard University´s blog on August 28, 2017, artificial intelligence and the energy sector are becoming more and more interconnected, whereby choosing a career path in either of these sectors does not necessarily signify excluding the other. Phil Goldstein, on the other hand, writes in his article in BizTech on October 25, 2017 that AI can support the energy industry in many ways: in improving energy efficiency, predicting possible blackouts and failures, and even support human beings in detecting completely new sources of energy. (BizTech 2017; Harvard University 2017).

According to technology research and advisory firm Gartner, 85% of all customer interactions will be managed without a human by 2020. Global Energy Business BP already explores how performance in the oil and gas industries can be improved with the help of artificial intelligence. According to technology expert Walker at BP, AI algorithms i.e. processes are about to transform how BP optimizes its operations. (BP 2016).

Learn more by watching Stanford Graduate School of Business´s video “Andrew Ng: Artificial Intelligence is the New Electricity”:

 

Connect with me on Twitter @annemariayritys. For climate/environment-related posts only @GCCThinkActTank. Subscribe to Leading With Passion to receive my latest posts.

 

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Anne-Maria Yritys

Anne-Maria Yritys is an authentic, passionate, inspired and multilingual business development manager, creative director, consultant and strategic change leader at Y.E.S. Yritys Executive Services. She is an active (online) networker and social media strategist with one of the Nordic´s largest personal LinkedIn networks. With a vast global following on Twitter, she is also Finland´s most followed business person on Twitter, and one of the country´s most active Tweeters @annemariayritys With her vast international experiences and love for sustainable development, she is a Global Citizen who values ethical leadership and responsible decision-making. She believes in advanced communication, empowerment, continuous development and higher learning leading to sustainable economic development and a sustainable future in individuals, organizations and nations across our Globe. Her mission and vision include accelerating positive change through effective change communication and leadership. She helps businesses and organizations through client/customer-oriented demands with tailored strategy consultations. She can also be booked for public speaking events. To find out more about Anne-Maria and to see how she may be of service to your business needs, please get in touch. Twitter: @annemariayritys @GCCThinkActTank @LeadingWPassion @AroundOMedia

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